India’s crude import bill up 26% in ’26-27 Q1 despite 18% volume fall

In the first quarter of the 2026-27 fiscal year, India's crude oil import bill experienced a twenty-six percent surge compared to the same period in the previous year, rising from thirty-nine billion dollars to forty-nine billion dollars.

This financial increase occurred despite an eighteen percent decline in the actual volume of crude oil imported by the country.

The significant rise in expenditure was driven by increasing global oil prices, which were themselves fueled by ongoing geopolitical conflicts that impacted the market during the quarter.